eSun Holdings, a subsidiary of Lai Sun Development  plans to raise 1.2 billion US dollars, around 9.36 billion Hong Kong dollars, in syndicated loans to finance its Macao Studio City project.

“The total construction fee of the first phase of about 3.6 million square feet is about US$1.4 billion and is expected to be completed in the third quarter 2009,” executive director Ambrose Cheung Wing-sum was quoted saying.

The foundation construction on the Macau project will be completed by the end of the month and superstructure works will start next year.

Cheung said eSun had applied to increase the gross floor area of the project from about 3.6 million square feet to about six million square feet and that further details of the land premium would be announced in early 2008.

The project will include hotels, property and entertainment facilities, including a concert stadium, with around 200,000 square feet rented to a US partner for gaming use.

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